Elliott wave analysis of EUR/JPY for June 27, 2017

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Wave summary:

EUR/JPY has rallied nicely and the next hurdle to overcome is seen at 125.80 a break above this resistance, will confirm continuation higher to the next target seen at 127.00. Short-term support is now seen at 124.68 which ideally will be able to protect the downside for the expected break above 125.80.

R3: 127.00

R2: 126.47

R1: 125.80

Pivot: 125.50

S1: 124.96

S2: 124.68

S3: 124.33

Trading recommendation:

We are long EUR from 124.46 and we will raise our stop to break-even. If you are not long EUR yet, then buy near 124.68 or upon a break above 125.80 and use the same stop.

The material has been provided by InstaForex Company - www.instaforex.com